FORM
6-K
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
Report
of Foreign Private Issuer
Pursuant
to Rule 13a-16 or 15d-16 of
the
Securities Exchange Act of 1934
For
the month of March 2009
Commission
File Number
TOP
SHIPS INC.
(Translation
of registrant’s name into English)
1 VAS.
SOFIAS & MEG.
ALEXANDROU
STREET
151 24,
MAROUSSI
ATHENS,
GREECE
(Address
of principal executive offices)
Indicate
by check mark whether the registrant files or will file annual reports under
cover of Form 20-F or Form 40-F.
Form 20-F
[ X ] Form 40-F
[ ]
Indicate
by check mark if the registrant is submitting the Form 6-K in paper as permitted
by Regulation S-T Rule 101(b)(1): ___
Indicate
by check mark if the registrant is submitting the Form 6-K in paper as permitted
by Regulation S-T Rule 101(b)7: ___
Indicate
by check mark whether the registrant by furnishing the information contained in
this Form is also thereby furnishing the information to the Commission pursuant
to Rule 12g3-2(b) under the Securities Exchange Act of 1934. Yes
[ ] No [ X ]
If “Yes”
is marked, indicate below the file number assigned to the registrant in
connection with Rule 12g3-2(b): ________.
INFORMATION
CONTAINED IN THIS FORM 6-K REPORT
Attached to this report on Form 6-K
as Exhibit 1 is the press release issued by Top Ships Inc. (the “Company”) on
February 25, 2009, announcing that it has agreed with the time
charterers of the mv ASTRALE to reduce the time-charter rate with respect to the
current time charter for that vessel. This report on Form 6-K is hereby
incorporated by reference into the Company’s Registration Statement on Form F-3
filed July 3, 2008 (Registration No. 333-152150).
EXHIBIT
1
NEWS RELEASE for February
25, 2009
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Contact:
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Michael
Mason (investors)
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Allen
& Caron Inc
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212
691 8087
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michaelm@allencaron.com
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TOP SHIPS
ANNOUNCES REDUCED TIME CHARTER RATE
FOR THE
MV ASTRALE
ATHENS,
GREECE (February 25, 2009) … TOP Ships Inc. (NasdaqGS: TOPS) announced today
that it has agreed with Armada Singapore Pte Ltd., time charterers of the mv
ASTRALE, to reduce the time-charter rate from $72,000 to $40,000 for the three
remaining hire payments until the scheduled termination of the time charter and
redelivery of the vessel to the Owners, which is expected to take place in April
2009. The loss of hire to the Company is estimated to be
approximately $1,500,000.
About TOP Ships
Inc.
TOP Ships
Inc., formerly known as TOP Tankers Inc., is an international provider of
worldwide seaborne crude oil and petroleum products and drybulk transportation
services. The Company operates a combined tanker and drybulk fleet as
follows:
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A
fleet of nine double-hull handymax tankers, with a total carrying capacity
of approximately 0.4 million dwt, of which 44% are sister ships. Seven of
the Company's handymaxes are on time charter contracts with an
average term of one year with all of the time charters including profit
sharing agreements above their base rates. Two of the Company’s handymax
tankers are fixed on a bareboat charter basis for a period of ten
years.
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■
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Four
newbuilding product tankers, which are expected to be delivered in the
first half of 2009. All the expected newbuildings have fixed rate bareboat
employment agreements for periods between seven and ten
years.
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■
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A
fleet of five drybulk vessels with a total carrying capacity of
approximately 0.3 million dwt, of which 47% are sister ships. All of the
Company's drybulk vessels have fixed rate employment contracts for an
average period of 25 months.
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Forward Looking
Statement
Certain
statements and information included in this release constitute “forward-looking
statements” within the meaning of the Federal Private Securities Litigation
Reform Act of 1995. The Private Securities Litigation Reform Act of
1995 provides safe harbor protections for forward-looking statements in order to
encourage companies to provide prospective information about their
business. Forward-looking statements reflect our current views with
respect to future events and financial performance and may include statements
concerning plans, objectives, goals, strategies, future events or performance,
and underlying assumptions and other statements, which are other than statements
of historical facts.
The Company desires to take advantage
of the safe harbor provisions of the Private Securities Litigation Reform Act of
1995 and is including this cautionary statement in connection with this safe
harbor legislation. The words “believe,” “anticipate,” “intends,” “estimate,”
“forecast,” “project,” “plan,” “potential,” “will,” “may,” “should,” “expect,”
“pending” and similar expressions identify forward-looking
statements.
Important factors that, in our view,
could affect the matters discussed in these forward-looking statements include
general market conditions, including fluctuations in charter rates and vessel
values, changes in the demand for our vessels, offers that may be received from
third parties, potential liability from pending or future litigation, general
domestic and international political conditions, and other factors. Please see
our filings with the Securities and Exchange Commission for a more complete
discussion of these and other risks and uncertainties.
# # #
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SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has
duly caused this report to be signed on its behalf by the undersigned, thereunto
duly authorized.
TOP
SHIPS INC.
(registrant)
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Dated: March
3, 2009
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By:
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/s/ Evangelos J.
Pistiolis
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Evangelos
J. Pistiolis
Chief
Executive Officer
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SK 23116 0001
971711